External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>We expect Metals and Steel companies under our coverage to deliver robust Revenue/EBITDA growth on a YoY basis, primarily on account of strong underlying commodity prices and robust sales volumes</li><li>As the Russia-Ukraine conflict escalated, the market priced in the risk of supply disruption emerging from the conflict and consequently, aluminium and steel prices rallied further QoQ.</li><li>The companies’ EBITDA margins, however, are expected to remain flattish or marginally decline YoY and QoQ mainly due to higher coal and energy prices. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We expect Metals and Steel companies under our coverage to deliver robust Revenue/EBITDA growth on a YoY basis, primarily on account of strong underlying commodity prices and robust sales volumesAs the Russia-Ukraine conflict escalated, the market priced in the risk of supply disruption emerging from the conflict and consequently, aluminium and steel prices rallied further QoQ.The companies’ EBITDA margins, however, are expected to remain flattish or marginally decline YoY and QoQ mainly due to higher coal and energy prices. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Metals and Mining: Strong Commodity Prices to Drive Profitability; Deleveraging to Continue

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul>
<li>The Russia Ukraine conflict has provided traction to global metal prices.</li>
<li>During YTD CY22, a healthy rally has been witnessed in both ferrous and non-ferrous metals.</li>
<li>During YTD CY22 (January 1-March 10, 2022), aluminium prices on the LME increased by ~21% to US$3409/tonne.</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>


The Russia Ukraine conflict has provided traction to global metal prices.
During YTD CY22, a healthy rally has been witnessed in both ferrous and non-ferrous metals.
During YTD CY22 (January 1-March 10, 2022), aluminium prices on the LME increased by ~21% to US$3409/tonne.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindalco Industries: Geopolitical Conflict Provides Traction to Metal Prices

Steel Authority of India / Equity Bottom-Up

<ul><li>SAIL’s EBITDA/tonne witnessed pressure in Q3FY22 mainly due to higher coking coal prices.</li><li>Saleable steel production came in line with our estimate and stood robust at 4.4 Mnt, up over 5% YoY and 1% QoQ</li><li>We maintain a BUY rating on the stock and value it at 4.0x FY24E EBITDA to arrive at a target price of Rs 125/share (Rs 150/share earlier), implying an upside of 21% from the CMP</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

SAIL’s EBITDA/tonne witnessed pressure in Q3FY22 mainly due to higher coking coal prices.Saleable steel production came in line with our estimate and stood robust at 4.4 Mnt, up over 5% YoY and 1% QoQWe maintain a BUY rating on the stock and value it at 4.0x FY24E EBITDA to arrive at a target price of Rs 125/share (Rs 150/share earlier), implying an upside of 21% from the CMPContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SAIL: Margin Pressure To Persist In Q4; Steel Demand Outlook Positive

<ul><li>We initiate coverage on SAIL with a BUY recommendation and a Target Price (TP) of Rs 150/share, implying an upside of 44% from the CMP</li><li>While we expect steel margins to come under pressure in H2FY22, they are likely to recover post H2FY22 and remain above cycle average</li><li>Our optimism is based on the expectation of weak demand in China getting offset by lower production forecasts and China continuing to disincentivize steel exports</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We initiate coverage on SAIL with a BUY recommendation and a Target Price (TP) of Rs 150/share, implying an upside of 44% from the CMPWhile we expect steel margins to come under pressure in H2FY22, they are likely to recover post H2FY22 and remain above cycle averageOur optimism is based on the expectation of weak demand in China getting offset by lower production forecasts and China continuing to disincentivize steel exportsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SAIL: Bottomed Out Valuation; SAIL to Benefit from a Prolonged Steel Up-Cycle

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>This quarter was impacted by several factors, seasonal and non-seasonal, resulting in lower-than-anticipated demand.</li><li>SAIL has not chalked out its growth capex and has maintenance capex for the current year, in our view.</li><li>SAIL is unlikely to embark on a big bang capex – which the company had initiated in FY10, as a result of which it was saddled with debt </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

This quarter was impacted by several factors, seasonal and non-seasonal, resulting in lower-than-anticipated demand.SAIL has not chalked out its growth capex and has maintenance capex for the current year, in our view.SAIL is unlikely to embark on a big bang capex – which the company had initiated in FY10, as a result of which it was saddled with debt Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Steel Authority of India: Expect Demand Revival in 4Q

India

Steel Authority of India Limited is an integrated steel manufacturing company. The Company's products include pig iron, steel ingots, liquid steel, alloy steel, special steel, stainless steel, ferro alloys, ERW pipes, spirally welded pipes, and calcium ammonium nitrate.  The Government of India is currently a majority shareholder in the company.

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Steel Authority of India (SAIL IN)

Metals and Mining: Strong Commodity Prices to Drive Profitability; Deleveraging to Continue

We expect Metals and Steel companies under our coverage to deliver robust Revenue/EBITDA growth on a YoY basis, primarily on account of strong...

Axis Direct

Hindalco Industries: Geopolitical Conflict Provides Traction to Metal Prices

The Russia Ukraine conflict has provided traction to global metal prices. During YTD CY22, a healthy rally has been witnessed in both ferrous and...

ICICI Securities Limited

SAIL: Margin Pressure To Persist In Q4; Steel Demand Outlook Positive

We maintain a BUY rating on the stock and value it at 4.0x FY24E EBITDA to arrive at a target price of Rs 125/share (Rs 150/share earlier),...

Axis Direct

SAIL: Bottomed Out Valuation; SAIL to Benefit from a Prolonged Steel Up-Cycle

We initiate coverage on SAIL with a BUY recommendation and a Target Price (TP) of Rs 150/share, implying an upside of 44% from the CMP.

Axis Direct

Steel Authority of India: Expect Demand Revival in 4Q

This quarter was impacted by several factors, seasonal and non-seasonal, resulting in lower-than-anticipated demand. SAIL has not chalked out its...

Motilal Oswal

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